The Xbox One has from the start been hailed as a “living room experience.” Microsoft says it’s not just a gaming console, it’s a TV portal and communications device, the one-stop entertainment box that will convince you to trash the other gadgets lurking on or beneath your TV.

The question now is: Is that something you want, and if so, is it worth $500?

Microsoft announced pricing for its next-gen console today at its annual E3 press conference. The console will go for 499 euros in Europe and £429 in the U.K.